Growth in manufacturing output for the domestic market had increased slightly. Manufacturing export values had continued to grow at a moderate rate, although sterling’s appreciation had negatively affected export margins.

Construction output had continued to grow strongly, with growth widening out beyond house building.

Corporate credit conditions had continued to improve, with few reports of companies not being able to access finance.

Employment intentions had risen, pointing to moderate growth in the next six months. Recruitment difficulties had increased further, remaining modestly above normal levels.

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